US-based multinational investment banking and financial service provider JP Morgan Chase & Co recently opened a flagship branch in Midtown Manhattan, New York City. This is the first of many more similar branches to come in near future, as the bank has is now modernising and expanding its banking network across the US from the age-old brick and mortar – teller stations behind glass plate system.
JP Morgan Chase is the largest bank in the United States and is the sixth largest bank in the world based on terms of total assets which as of 2018 stood at more than US$2.5 Trillion. Digital banking in today’s world is a long and winding road in today’s technologically advanced and ever-evolving fintech innovations which keep pushing ease of banking process by leaps and bounds. While JP Morgan gave up on its innovative Finn digital bank project – a mobile-only banking platform within 18 months after launch just weeks earlier, it is hopeful that this new modernisation plans will become a success.
As ATM machines and internet-based mobile and computer banking is capable of handling most banking operations these days, banking offices which follow the age-old tradition of having teller behind glass perform banking operations has become nearly extinct and outdated. In its bid to push forward its business, starting with this newly opened NY flagship branch the bank is taking an open floor plan approach where bankers are easy to access for clients and is focusing on expanding its physical footprint with a modern twist to support its banking business and provide clients with ease of access to banking operations.
When speaking about their business expansion plans and NY office, Jamie Dimon, CEO of JP Morgan Chase commented, “We’ve been waiting a long time to expand Chase Retail. We’re thrilled to be on the expansion trail again and expansion trail is thousands and thousands of jobs. This format is meant to be a flagship branch and a community center”.
As per his comments, the banking giant plans to hire nearly 3000 employees to work at their new branches. According to the announcement made by the bank last year, they plan to open nearly 400 branches in 20 key markets including Bank of America’s heartland Charlotte and St.Louis with 90 of the 400 branches set to open by 2019. In their bid to make sure clients have ease of access and convenient banking process at their physical offices, the 12500 sqft branch in NY is equipped with multiple ATM’s which can perform nearly 80% of normal day to day banking transactions such as deposit, withdrawal, fund transfers etc., while the officers in open floor with advanced tablet pc’s will help the clients to process and resolve more complex issues.
Gordon Smith, Co-COO & Co-President at the firm who spoke at the launch of NY branch commented, “Branches are the heart of the company, whenever we move into a new location, it’s the branch that drives all of the business we do. We hear an awful lot about, ‘Will branches exist in the future? The answer is a very resounding ‘Yes’. We have more than 5,000 branches and more than a million people go through those branches in a day”.
Please feel free to let us know your thoughts in the comments below.